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The Benefits of Buying the Perfect Condo

Owning real estate is always a good thing, and many people own multiple properties. Some will have their home in the suburbs and a holiday home in the country. Others will live in a city environment and have a home in the country. In this article, we will concentrate on city living and how a condo can make it better and give you the comfort you need. Before we dive into the benefits of condo living, let us look at what they are and what you can expect.

What is a condo?

These are living spaces that are located in a larger building that has been designed and built forliving room residential purposes. Each unit in a condominium building will contain a bedroom, living room, kitchen, bathroom, etc. They are more luxurious than apartments and will have better amenities too. Condos are suitable for working professionals and families as many are located in business areas or areas that are highly residential in a city. For example a condo in King West, Toronto would be an ideal place for a single, working professional or a family. If you are looking for a comfortable condo in this area, check out http://mymirvishgehry.ca/ which should be ready for occupation in 2020. Below are some benefits of owning a condominium in Toronto:

Location

With real estate, it always boils down to the location. Condos are built close to on in metropolitan areas which means you will have access to many things without having to travel too far. If you work in the city, living in one would allow you to get to your place of work and back fairly quickly.

Facilities

Condos are built to give its residents a home away from home. You will have a large living area and sufficient rooms to take care of your daily activities with ease. Most condominium buildings will have a swimming pool, restaurant, and mini-mart. The unit itself will have inbuilt appliances, heating and cooling systems and will be designed with comfort in mind.

Security

lobby of condoOne important benefit of living in a condominium is the twenty-four-hour security you will have. You can feel safe with the security, CCTV cameras and access control that high-end condos have as standard features.

There are many other benefits, but these are the ones you can expect from any building that is built to give people a place to live in the city with the comfort of a home.…

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Legal guide to Canadian real estate

There are many laws which govern the real estate business in Canada. All the laws must be followed to the letter if you wish to ensure success in the business. Most of the laws apply to both the foreign and domestic investors. However, there are some particular laws which apply to only the foreign investors, including both the provincial and federal levels. This means that you need to be extra careful to ensure that you abide by all the laws if you are a foreign investor. Below is a simplified legal guide to the Canadian real estate.

Legal guide to real estate in Canada

Main laws

The main laws in Canada, which governs real estate, are the statutes of the territorial government and the provincial government. There may be separate laws in different provinces, but they all have a basis on common law. Quebec is the only province that has an exception to this, as the law there is based on civil war.

Ownership

Ownership may be restricted to non-residents by the federal laws like the Competition Act and Investment Canada Act as well as the provincial laws. There are some provinces which do not restrict direct ownership but may discourage it by imposing higher taxes, reporting requirements, and registration.

Registration

ghhfhfr45456756Any owned land in Canada must be registered in the public land registry. This can be done through a land titles system, registry system, or the combination of both in various provinces. The registry system refers to a public record, which contains evidence of any transaction that affects land. Each province and territory in the country has its land registry system, and each system has its own rules. In most cases, there is no physical document issued to the owners of registered land except for copies of the transfer or deed in land titles system and registry system respectively.

Rights

Both leasehold and freehold rights exist in Canada. The leasehold right is that where a tenant gets exclusive possession right, enforceable against all including the lessor. Both leasehold and freehold may be held based on co-ownership as joint tenancy. The licenses issued are contractual rights of the involved parties. In other words, when a licensee gets a license from the licensor, he is allowed to make use of the land only in the manner specified in that contract. Restrictive covenants, easements, and servitudes are some of the other rights in land.

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